XAUUSD (Gold) longterm outlook - Targeting 2.5k Hey Trader,
please see my current idea on Gold. This time on the weekly chart. According to my count we may have finished our ABCDE wave triangle. In this case wave E has the structure of a 5 wave pattern. In this case I do expect a lot of buying pressure on Gold which should lead to a breakout of this triangle and therefore new highs. Fundamentally it looks like that all the taper and rate hiking talk has already been priced in the Gold price, which would explain why we didn't see another sell-off with the release of FOMC news.
Keep in mind: Proper risk management is key in being a successful trader, don't follow blindly any ideas. This is just my opinion and my technical view of the Gold market.
RT
